Mortgage originator and servicer Home Point Financial Corp. has expanded its third-party origination (TPO) channel, following its acquisition of Stonegate Mortgage Corp. The company says the expansion will enable it to increase its wholesale client base by increasing the geographic reach and the number of TPOs the channel will serve.
With the implementation of new regional divisions, Home Point is extending its senior management structure to drive its growth. Lisa Patterson, executive managing director – TPO production, will continue to lead the TPO channel and report to Chief Production Officer Brian Brizard.
“This expansion will allow Home Point to more effectively serve our wholesale clients nationwide while providing enhanced levels of service, a full product suite and competitive pricing,” says Patterson.
In addition, Huron Valley Financial Inc., a full-service mortgage banking firm, has acquired Home Point’s reverse mortgage lending division. The transaction combines Home Point’s reverse mortgage division with Huron Valley Financial’s 1st Nations Reverse Mortgage division.
The acquisition reinforces Huron Valley Financial’s commitment to serving the reverse sector. The company, which launched its 1st Nations Reverse Mortgage division in October 2016, continues to invest in building its national footprint and product offerings.
The Home Point team provides 1st Nations Reverse with a turnkey platform, including sales and operations, and through the acquisition, 1st Nations Reverse aims to be licensed in 35 states by the end of 2017 and funding more than $150 million in reverse mortgages annually.